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作者：Bessembinder, Hendrik; Jacobsen, Stacey; Maxwell, William; Venkataraman, Kumar
作者单位：Arizona State University; Arizona State University-Tempe; Southern Methodist University
摘要：Bond underwriters, lacking Greenshoe options and formal systems to track flipping ac-tivity, have fewer tools than equity underwriters to manage secondary market order flow uncertainty. We show that bond underwriters respond by selectively overallocating some issues to attain net short positions. Overallocations are economically substantive, facilitate the syndicate's price stabilization efforts, and are largely offset in the days after issuance. These issues on average experience more net sel...
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作者：Graham, John R.; Grennan, Jillian; Harvey, Campbell R.; Rajgopal, Shivaram
作者单位：Duke University; National Bureau of Economic Research; Santa Clara University; Columbia University; Duke University
摘要：Ninety-two percent of the 1348 North American executives we survey believe that im-proving corporate culture would increase firm value. A striking 84% believe their company needs to improve its culture. But how can that be achieved? Our paper provides some guidance by documenting the following: executives' views on what corporate culture is and how it operates, distinguishing between stated values and everyday norms; the extent to which culture is perceived to influence value creation (product...
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作者：Heese, Jonas; Perez-Cavazos, Gerardo; Peter, Caspar David
作者单位：Harvard University; University of California System; University of California San Diego; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We examine whether the local press is an effective monitor of corporate misconduct. Specifically, we study the effects of local newspaper closures on violations by local facilities of publicly listed firms. After a local newspaper closure, local facilities increase violations by 1.1% and penalties by 15.2%, indicating that the closures reduce firm monitoring by the press. This effect is not driven by the underlying economic conditions, the underlying local fraud environment, or the underlying ...
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作者：Massa, Massimo; O'Donovan, James; Zhang, Hong
作者单位：INSEAD Business School; City University of Hong Kong; Tsinghua University
摘要：Firms in global markets often belong to business groups. We argue that this feature can have a profound influence on international asset pricing. In bad times, business groups may strategically reallocate risk across affiliated firms to protect core central firms. This strategic behavior induces co-movement among central firms, creating a new intertemporal risk factor. Based on a novel data set of worldwide ownership for 2002-2012, we find that central firms are better protected in bad times a...
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作者：Jensen, Thais Laerkholm; Leth-Petersen, Soren; Nanda, Ramana
作者单位：University of Copenhagen; Imperial College London
摘要：We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries where they had no prior work experience. Nevertheless, we find that marginal entrants benefiting from the reform had higher pre-entry earnings and a significant share of these entrants started longer-lasting firms. Our results are mo...
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作者：Jin, Lawrence J.; Sui, Pengfei
作者单位：California Institute of Technology; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We present a new model of asset prices in which a representative agent has extrapolative beliefs about stock market returns and Epstein-Zin preferences. The model quantitatively explains facts about asset prices, return expectations, and cash-flow expectations. When the agent's beliefs about stock market returns are calibrated to survey expectations of investors, the model generates excess volatility and predictability of stock market returns, a high equity premium, a low and stable risk-free ...
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作者：Khanna, Naveen; Mathews, Richmond D.
作者单位：Michigan State University; Michigan State University's Broad College of Business; University System of Maryland; University of Maryland College Park
摘要：We study competition for startups among VCs with heterogeneous skill. VCs with established skill face two impediments. First, less established VCs compete aggressively for new startups in order to establish a reputation. Second, startups also value reliability in their VCs, which imposes a higher cost on established VCs because they have better outside options. As a result, startups over-experiment by excessively partnering with less established VCs, which crowds out established skill and redu...
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作者：Guiso, Luigi; Pozzi, Andrea; Tsoy, Anton; Gambacorta, Leonardo; Mistrulli, Paolo Emilio
作者单位：University of Toronto; Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; European Central Bank; Bank of Italy
摘要：We build a model of the mortgage market in which banks attain their optimal mortgage portfolio by setting rates and steering customers. Sophisticated households know which mortgage type is best for them; naive households are susceptible to banks' steering. Using data on the universe of Italian mortgages, we estimate the model and quantify the welfare implications of steering. The average cost of the distortion is equivalent to 16% of the an-nual mortgage payment. A financial literacy campaign ...
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作者：Cereda, Fabio; Chague, Fernando; De-Losso, Rodrigo; Genaro, Alan; Giovannetti, Bruno
作者单位：Universidade de Sao Paulo
摘要：We study the effects of a price transparency shock in the Brazilian equity lending market, an over-the-counter market. Previously, the available loan fee benchmark was the mean loan fee of the past 15 trading days. On March 1, 2011, this interval was reduced to three days, significantly improving short-sellers' ability to predict current loan fees. We find that after the benchmark change, loan fees fell, lending volume increased, total lending rev-enue remained stable, high-cost lenders lost m...
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作者：Ghaderi, Mohammad; Kilic, Mete; Seo, Sang Byung
作者单位：University of Kansas; University of Southern California; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a model that generates slowly unfolding disasters not only in the macroeconomy but also in financial markets. In our model, investors cannot exactly distinguish whether the economy is experiencing a mild/temporary downturn or is on the verge of a severe/prolonged disaster. Due to imperfect information, disaster periods are not fully identified by investors ex ante . Bayesian learning induces equity prices to gradually react to persistent consumption declines, which plays a critical ...
